Cloud artificial intelligence startup Akkio Inc. announced today that it has raised a $3 million seed round led by Bain Capital Ventures to build out its AI and machine learning platform
Founded in 2019 by former employees of Sonos Inc. and Markforged Inc., the Akkio platform is pitched as offering AI for people who aren’t data scientists. Offering a no-code platform, Akkio is designed for teams without dedicated data science or developer resources.
The average training time on a model can be as little as one minute, and the company claims the process is as easy as uploading an Excel spreadsheet to the cloud. That compares with more than an hour using services from Google LLC, Amazon Web Services Inc., or Microsoft Corp., Akkio claims. It also says that even with short training time, their models typically outperform the cloud giants.
“Just as Windows and then macOS replaced typing obscure DOS commands into a black terminal screen with clickable icons, Akkio aims to open the world of artificial intelligence up to a wider market,” Abe Parangi, co-founder and chief executive of Akkio, said in a statement. “Feed it data and Akkio’s platform spits out predictions in seconds, giving anyone the power normally reserved for Fortune 50 companies or research institutions staffed by data scientists.”
The benefits of Akkio are said to go beyond other automated machine learning offerings in covering a wide range of AI use cases, including intelligent process automation, predictive analytics, anomaly detection, forecasting, data hygiene automation and personalization.
In one case, an unnamed company described as one of the world’s largest computer technology companies uses Akkio to improve its sales lead forecasting, reducing its modeling time to one day. In another case, a political fundraiser modeled with 87% accuracy whether people would donate to a cause, delivering significant efficiency gains by prioritizing call lists for donations.
In clinical trials – where therapeutic discovery can run from $12 million to $33 million per trial – a medical device manufacturer predicted clinical trial abandonment with 90% precision and flagged trials most in danger of failing.
Notable Akkio customers include MarketOne International LLP, Ellipsis Marketing Ltd., Angiodynamics Inc. and Standard Industries Inc.
“Akkio is on a mission to automate decision-making for business users by harnessing the incredible power of machine learning and artificial intelligence,” noted Bain partner Agarwal Ajay.